In Case You Missed It

Below are short summaries of various tax information items Eide Bailly has recently published. To read more, click the "Learn More" link shown after each summary.

Increased Payroll Audits for Misclassification of Employees

The frequency of payroll audits has surged over the last five years, and businesses are facing increased payroll scrutiny. Most payroll audits have traditionally focused on whether or not a business is misclassifying an employee as an independent contractor, thus avoiding Social Security, Medicare and other payroll taxes. According to an article published last March by the Wall Street Journal, "local businesses misclassify anywhere from 10 percent to more than 60 percent of their workers as independent contractors." Learn More.

Sophisticated phone scams preying on taxpayers' IRS fears

Taxpayers need to be aware of new and more sophisticated scams targeted at people's fears associated with the IRS. These scams, designed to make the taxpayer think they are dealing directly with the IRS, are becoming more common. Learn More.

New Tax Bill Changes for Minnesota Taxpayers

Gov. Mark Dayton signed a new tax bill into law on March 21. The new law included several items that provide tax relief along with some simplicity for Minnesota tax filers.

Some of the highlights in the legislation include the repeal of the following taxes:

- Gift tax (retroactive repeal)

- Warehousing tax that was set to begin April 1, 2014

- Equipment repair tax

- Telecommunications tax